Staying Within Your Building Budget
Building your dream home can turn into a nightmare where budgets and emotions are concerned. Your new home is not simply a structure, but an extension of your personality and lifestyle. Following a few simple guidelines can keep the budget and worry in check.
- Make up your mind. Before choosing a builder, picking out paint colors or mentally arranging your furniture, decide what you are looking for in a house. Determine what features are “must-haves” and which are “nice to haves” and find a floor plan that most closely matches the way you like to live. Change orders, which involve changing the floor plan during construction, are costly.
- Choose a reputable builder. Going the cheap route while choosing a builder can cost you more money in the future. Just as a chain is only as good as its weakest link, the builder is only as good as his subcontractors and materials. Find a builder who is a member of the NAHB, and check references. Do not be reticent about asking questions, driving past homes the builder has completed or is currently building, and asking clients if they are happy with the results. Check the Better Business Bureau and Rip Off Report websites.
- Location, location, location. Find land that is good for your home. Clearing rocks or trees and leveling land can quickly add to the cost of building your home. Check into costs such as property taxes, building permits, HOA fees and consider them while making your budget. If you have already bought your lot, make sure you include any charges to install meters. These expenses can vary greatly from one area to the next.
- Building Materials. Ask your builder at which stage of construction materials must be purchased, and if unused materials can be returned for credit. Decide what you want in a home as far as materials for cabinets, counter tops and flooring. While it is acceptable to choose less expensive materials for some items that are easily replaced, such as light fixtures. However, if you want higher-end materials for your kitchen, try to work it into your budget. Tearing out tile floors, laminate countertops, or composite wood cabinets in the future can be more expensive than getting what you want from the start.
- Think about being your own General Contractor. Hiring yourself can save you around 15% of the costs, but this comes with a great deal of risk. If you do not have a background in home construction, obtaining the funding, sub-contractors and materials can turn into a life-consuming job. When you hire a builder, it is his job to stay on time and within budget. Carefully consider the potential savings versus the time and stress involved.
Click Here to find Your Dream Home!
Best wishes in the building of your new home!
